Form 1099-C

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Form 1099-C

A form that a lender files with the IRS if it cancels a debt in excess of $600. Lenders are required to file 1099-C whether the borrower is a natural person or legal person.
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However, in effect, lenders will have an extra year to resolve these questions; earlier this year, the Service announced (in Notice 2000-22) that no penalties will be imposed on lenders subject to the newly expanded reporting requirements for failure to issue Forms 1099C for 2000.